How CIOs can get the most out of business intelligence data

Business intelligence can serve multiple benefits for any business, with users today able to access a vast range of information that would have been virtually impossible to collect and derive insight from before.

This data is often used to identify untapped business opportunities, reveal areas where money can be saved and turn ERP data into accessible and meaningful insights. Increasingly data-driven strategies across organisations mean that these insights are more important than ever in order to maintain an edge over the competition, with 53% of companies reportedly now using big data analytics.

Although CIOs may now feel obligated to collect this data, approaching it from a data analysis perspective can be daunting. To help, we've compiled a list of tips aimed to help you extract the most value from this data.

Christina is Audience Development Editor. After graduating from the University of Nottingham reading philosophy and theology in 2013, Christina joined a tech start-up specialising in mobile apps. She has a keen interest in the mobile platform and innovative tech.

2. Know the difference between BI and business analytics

Unfortunately, a major road block to getting the most out of BI data is the misunderstanding of what exactly BI is. A common mistake is to confuse BI with business analytics.

While there are many differences between business intelligence and business analytics, the simplest way of looking at it is, BI examines current and past business actions, while business analytics is geared towards predictive purposes.

Another way of differentiating them is that BI primarily looks at operational efficiency via pre-collected data.

3. Work smarter

If you want to get the most out of your business intelligence data, you'll need to work in the most efficient way.

Splitting your data up into more easily analysed sections is a good place to start.

Adopting a devops approach and collaborating with as many departments as possible to make the task easier could also be a beneficial approach.

4. Set clear ROI and performance goals

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Like with most aspects of business, clear goals are extremely important for managing expectations about what a team will gain from a certain initiative. The goals must be both clear and realistic - there's no point even looking at the data if your KPIs aren't suitable.

Defining what key performance indicators will be measured should help you establish which metrics you can improve on, and determine which is the most important metric.

Once you have an understanding of how the data insights can be used, you’re in the ideal position to present the chosen metrics in the simplest and clearest way possible to your whole team.

5. Choose the right BI tools

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There are plenty of business intelligence tools dedicated to building data visualisation and providing meaningful insights. Microsoft BI, SAP, Oracle and IBM all offer some sort of BI tools, however there has been a rise in self-service data discovery platforms aimed at C-level executives from companies such as Tabealu, Qlik, Splunk and more.

Selecting the right one for your business should be the culmination of detailed research and discussion about which data you want to measure and what insights you hope to gain from it.

6. Present data in a clear, concise manner

Depending on your chosen metrics, there are numerous ways of presenting your business data that shouldn't overwhelm or confuse employees.

One of the most effective ways of optimising BI data is to create a simple and clear way of presenting data.

For example, line charts are ideal for looking at trends over time while bar charts lend themselves nicely to product, service or category comparisons. However, more complex graphs such as tree maps, heat maps and bubble charts, can be equally effective if used correctly.

7. Consider investing in team training

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Like most new team practices, team training time should be set aside to ensure best practices are upheld. BI software, for the most part, will operate differently from programmes such as Excel in both functionality but also in user-experience.

Investment in training, whether it be money or just time set aside should speed up BI success.

8. Create relatively general data reports

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Producing detailed and highly specific data insight reports won't be the undoing of your BI strategy, but it could mean a lot of work for not a lot of results. Data changes constantly, so creating very specific reports could mean reports quickly become out of date or a chore to update.

While having detailed insights is vital, it's also important to prepare general reports filled with your chosen metrics that can be easily updated and distributed across your organisation.

9. Determine the value of your data

Developing a clear strategy for data storage is crucial in maintaining successful BI processes. Organisations should be explicit in data governance regardless of whether it is stored in a warehousing solution or not.

Establishing the value of the data could influence the development of new products and services and greatly impact the decision-making process for senior IT leaders.

10. Collaborate with shareholders

It might seem obvious, but it's important to ensure all data and decisions made from BI insights are completely signed off by key shareholders. While business intelligence is data driven and number heavy, it also relies on communication and team collaboration.